Saudi Arabia’s financial regulator has fined 13 people for violating the country’s capital market laws.
The Capital Market Authority’s Appeal Committee for Resolution of Securities Disputes said in a statement on Thursday the investors had manipulated stock prices and made “illegal gains” in their portfolios.
It ordered them “and other investors” to pay a total of SAR 42.9 million ($11.44 million) in fines.
It said the 13 investors were fined SAR 17 million for placing “purchase orders that influenced the share price, some of which were linked to sale orders, while trading on the shares of listed companies”.
This came after the 13 investors, as well as the unnamed “other investors,” were fined a total of SAR 25.9 million “for the illegal gains achieved in their investment portfolios”.
Local media personalities confirmed that Turki Al Dakhil, whose name appeared on the list, was Saudi Arabia's former ambassador to the UAE.
Mr Al Dakhil, 50, is a well-known Saudi journalist, diplomat and businessman.
